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Learning From the Global Financial CrisisCreatively, Reliably, and Sustainably$
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Paul Shrivastava and Matt Statler

Print publication date: 2012

Print ISBN-13: 9780804770095

Published to Stanford Scholarship Online: June 2013

DOI: 10.11126/stanford/9780804770095.001.0001

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PRINTED FROM STANFORD SCHOLARSHIP ONLINE (www.stanford.universitypressscholarship.com). (c) Copyright Stanford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in SSO for personal use.date: 03 March 2021

The Global Financial Crisis

The Global Financial Crisis

A Perspective from India

(p.313) 17 The Global Financial Crisis
Learning From the Global Financial Crisis

Murali Murti

N. V. Krishna

Stanford University Press

This chapter examines the resilience to the global financial crisis based on experiences of the Indian economy. By assessing commonly used measures such as gross domestic product (GDP) growth rate; unemployment rate; fall in property values; value destruction of financial assets; current account deficits; and the failure of institutions, corporations, and banks, the discussion considers the relatively high resilience of the Indian economy as compared to those of the United States and Europe. Some lessons on economic resilience include high savings rate and lower credit exposure, a strong regulatory framework and an effective central bank responsible for monetary policy, policy emphasis on stability rather than growth, and lowering of economic dependence on exports.

Keywords:   Indian economy, economic resilience, GDP, monetary policy

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